16th Oct 2025 13:17
(Alliance News) - Workspace PLC on Thursday reported lower occupancy rates and rent roll in its second quarter, though rent itself ticked up.
The London-based real estate investment trust provides flexible office space from around 60 locations in London and southeast England.
In the three months that ended September 30, the company said it had made 326 net lettings, up from 296 a year prior, at a total rental value of GBP7.3 million per annum, slightly down from GBP7.4 million the previous year.
Like-for-like rent per square foot rose 0.1% during the quarter to GBP47.55 from GBP47.50 the previous quarter.
However, LfL rent roll decreased by 3.2% to GBP107.1 million from GBP110.6 million in the first quarter. The decline reflected a GBP3.6 million loss on the firm's LfL portfolio and a GBP1.4 million loss on disposals.
LfL occupancy was 80.0% on September 30, versus 82.3% at the end of June and 82.5% at the end of March.
This was largely due to two significant customers vacating units at the Centro Buildings in Camden, which had previously accounted for 1.7% of occupancy.
Net debt totalled GBP833 million on September 30, up from GBP813 million on June 30, reflecting payment of the full-year dividend, which was partially "offset by disposal proceeds received in excess of capital expenditure."
"To support the move towards operational excellence, we have streamlined our support functions, creating a leaner, faster organisation and delivering GBP2 [million] in annualised efficiencies," said Chief Executive Lawrence Hutchings.
"We have exchanged or completed on the disposal of GBP52.4m of low-conviction assets and have good momentum on other assets identified for disposal following our thorough portfolio review," he added.
Workspace shares were down 2.5% at 393.00 pence on Thursday afternoon in London.
By Holly Munks, Alliance News reporter
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